$CYPH has pulled back after its recent sharp rally, but the structure here is telling a different story.

Looking at the chart, early price discovery still seems very much in play. The key support is sitting right above what used to be the range ceiling—that's holding firm. Volume is contracting without any panic selling, which is exactly what you want to see. And that last breakout? It came with real conviction.

These kinds of consolidation phases typically set up the next leg. When you've got stable support, cooling volume, and a proven breakout behind you, the setup gets interesting.